Dubai – Mubasher: Tabreed Company for Central Cooling Services, a wholly-owned subsidiary of National Central Cooling Company (Tabreed), has signed an AED 22 million concession agreement for the design, construction, and long term operation of district cooling assets in Egypt.
The agreement was inked with the Egyptian Company for Energy and Cooling projects (Gascool) and Marakez for Real Estate Investment Company, according to a press release on Thursday.
With a total installed capacity of 7,500 refrigeration tonnes (RT), the district cooling assets will be constructed at Katameya-based D5M Mixed-Use Development in Egypt, set to begin its full operations before the end of 2023.
Tabreed holds a 60% equity stake in the consortium, while Gascool owns the remaining 40%.
Tabreed’s CEO, Khalid Abdulla Al Marzooqi, said: "This is a very important, strategic step for our company, our entry into the Egyptian market being a solid part of our long-term plans for sustainable growth beyond the GCC."
Meanwhile, the CEO of Marakez, Basil Ramzi, commented: "Our partnership with Tabreed and Gascool – two leading companies providing energy-efficient, cost-effective and environmentally friendlier cooling solutions – further deepens our efforts in support of Egypt Vision 2030 toward greater environmental sustainability."
